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In recent years, the topic of wealth transfer has gained significant attention, especially regarding the financial futures of women and widows. Kathleen, a financial expert and advocate, shared her insights in a recent discussion about the immense shift of wealth projected to occur over the next few decades. With estimates ranging from $30 trillion to $84 trillion, this transfer, largely from baby boomers, will redefine financial landscapes for women across generations.

A Historic Shift in Wealth Dynamics

For decades, the baby boomer generation—those born between 1946 and 1964—has been the cornerstone of economic activity. As the youngest members of this generation turn 60 and the oldest approach their 80s, the wealth they’ve accumulated is beginning to transition. Boston College’s Center on Wealth and Philanthropy estimates that 70% of this wealth will pass to women, with widows inheriting a substantial portion.

Kathleen highlights a poignant example: Ruth Gutterman, a 93-year-old widow, who recently donated $1 billion inherited from her late husband to Einstein College of Medicine. While few inheritances are this monumental, the significance of women stepping into roles as wealth managers cannot be overstated.

Challenges in Navigating Wealth Inheritance

Inheriting wealth often comes during a time of profound loss, adding emotional complexity to an already intricate process. Kathleen notes that many widows face hurdles such as transferring accounts, navigating paperwork, and understanding legal implications. Even financial custodians may struggle with the nuances, leading to delays or errors.

To address these challenges, advisors are creating safeguards, such as enhanced contractual language, to protect clients. For example, provisions ensure funds are only accessed with proper documentation, safeguarding against potential fraud while giving families peace of mind during a vulnerable time.

Preparing for the Wealth Transfer

With a significant wealth shift on the horizon, women and widows can take steps to ensure they are prepared:

1. Build Trusted Relationships with Advisors
   Selecting an advisor who understands the unique challenges of wealth inheritance is essential. Kathleen emphasizes the importance of finding someone knowledgeable about estate planning, taxes, and the emotional aspects of managing newfound wealth.
2. Educate Yourself
   Financial literacy is a cornerstone of independence. Resources like the Women’s Institute for a Secure Retirement (WISER) provide tools specifically tailored for women. These include free guides, webinars, and podcasts that empower individuals to make informed decisions.
3. Protect Against Fraud
   Having measures in place to verify requests for funds or account changes is vital. Trusted advisors can act as a buffer, ensuring all actions are thoroughly vetted and aligned with the client’s best interests.
4. Define Your Legacy
   Wealth transfer offers an opportunity to align financial decisions with personal values. Whether supporting family, funding education, or contributing to philanthropic causes, women and widows can shape a legacy that extends beyond their lifetime.

Moving Forward with Confidence

The great wealth transfer represents more than a redistribution of assets—it’s a pivotal moment for women to take the reins of financial decision-making. With the right support systems, education, and advisors, women and widows can navigate this transition with confidence and purpose, ensuring their financial futures are secure and impactful.

As Kathleen reminds us, preparation is key. By equipping themselves with knowledge and trusted guidance, women can transform this wealth transfer into a lasting opportunity for growth and empowerment.

More From Kathleen

Some of our most popular blogs are the financial scam series we posted on our website. We talk about how to emotionally heal after being financially scammed, how to help others who have been financially scammed, and 11 ways to protect yourself from being financially scammed. You can find all of those on our blog page.

Please be sure to subscribe to our podcasts as we will be interviewing Kathleen on an upcoming podcast where she explains how to simply write a legacy letter to your family and friends. You will not want to miss it. You can purchase Kathleen’s book here.  

Kathleen Rehl Bio

Kathleen M. Rehl, Ph.D., CFP®, CeFT® wrote the multi-award-winning book, Moving Forward on Your Own: A Financial Guidebook for Widows. Experiencing widowhood herself, Dr. Rehl empowers widows financially™ and inspires their advisors. Her work has been featured in the New York Times, Wall Street Journal, AARP Bulletin, CNBC, USA Today, U.S. News & World Report, Journal of Financial Service Professionals, Journal of Financial Planning, and other publications. Rehl owned a financial planning firm for 17 years before retiring to her “encore” career. She walks an hour daily, practices yoga, enjoys art and music festivals, writes poetry and makes art, loves her grandsons . . . and continues to evolve on her journey.

 

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The landscape of widowhood has seen significant changes in recent years, particularly in the realm of financial planning and wealth management. Kathleen Rehl, a financial expert and advocate for empowering widows, shared her perspective on these evolving trends in a recent interview. With over four years since her last appearance on our podcast, Kathleen discussed the growing emphasis on financial independence for widows and the ways technology and education are reshaping their experiences.

A Shift Toward Financial Independence

Historically, widows often relied on family support, both financially and emotionally, after the loss of a spouse. Kathleen reflects on past generations, noting how widows in the Victorian era would wear “widow’s weeds” (black garments symbolizing mourning)  for an entire year. Even her own great-grandmother moved in with family after becoming widowed, a common practice in earlier times. Today, however, there is a strong shift towards financial independence for widows, a trend Kathleen views as crucial.

Women, in general, are gaining more financial autonomy, pursuing education, and building long-lasting careers. For widows, this independence is even more essential as they navigate life after loss. “There is much greater availability of financial education out there now,” Kathleen says. She highlights resources like the Women’s Institute for a Secure Retirement (WISER), which offers free white papers, podcasts, and educational events aimed specifically at women and widows.

The Role of Technology and Social Networks

In addition to financial education, technology has created a more connected and supportive environment for widows. Kathleen points to organizations like Soaring Spirits International and its online community, Widows Village, where widows can find support groups based on their specific needs, such as young widows with children or those still working. These platforms provide both emotional support and practical advice, helping widows navigate their financial futures.

Kathleen also mentions the rise of events like Camp Widow, which now hosts conferences across the globe, including in Toronto and Australia. At these events, widows gather to learn, connect, and heal. Kathleen will be speaking at the upcoming event in Tampa, Florida, on the stages of widowhood and how to transition through financial matters.

Even artificial intelligence (AI) is playing a role in supporting widows. In a lighthearted experiment, Kathleen shared how she used ChatGPT to ask for advice for new widows, and within seconds, the AI returned helpful information — even recommending her own book, Moving Forward on Your Own: A Financial Guidebook for Widows.

Navigating Grief and Financial Planning

One of the most significant challenges widows face is making sound financial decisions during the early stages of grief. Kathleen discusses the phenomenon of “widow’s brain,” where intense grief can cloud judgment and make decision-making difficult. “It’s not that you’re going crazy,” she reassures, “it’s just that widow’s brain in that early, very deep grief.” This insight underscores the importance of having a strong financial plan in place and seeking support from trusted advisors during this vulnerable time.

As Kathleen continues to advocate for widows’ financial independence, her message is clear: with the right education, resources, and support networks, widows can move forward with confidence, even in the face of loss. For those interested in learning more, Kathleen’s book offers a valuable guide to navigating financial matters after the death of a spouse.

More From Kathleen

Some of our most popular blogs are the financial scam series we posted on our website. We talk about how to emotionally heal after being financially scammed, how to help others who have been financially scammed, and 11 ways to protect yourself from being financially scammed. You can find all of those on our blog page.

Please be sure to subscribe to our podcasts as we will be interviewing Kathleen on an upcoming podcast where she explains how to simply write a legacy letter to your family and friends. You will not want to miss it. You can purchase Kathleen’s book here.  

Kathleen Rehl Bio

Kathleen M. Rehl, Ph.D., CFP®, CeFT® wrote the multi-award-winning book, Moving Forward on Your Own: A Financial Guidebook for Widows. Experiencing widowhood herself, Dr. Rehl empowers widows financially™ and inspires their advisors. Her work has been featured in the New York Times, Wall Street Journal, AARP Bulletin, CNBC, USA Today, U.S. News & World Report, Journal of Financial Service Professionals, Journal of Financial Planning, and other publications. Rehl owned a financial planning firm for 17 years before retiring to her “encore” career. She walks an hour daily, practices yoga, enjoys art and music festivals, writes poetry and makes art, loves her grandsons . . . and continues to evolve on her journey.

 

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In this episode of Intelligent Money Minute, we explore an often overlooked aspect of retirement planning: preparing emotionally, psychologically, and relationally for this significant life change. While financial readiness is crucial, it’s equally important to ensure that couples are prepared for the non-financial aspects of retirement, such as how they will spend their time and maintain their relationships.

The Importance of Non-Financial Preparation for Retirement

Retirement isn’t just about having enough money to live comfortably; it’s also about understanding how you’ll spend your time and how it will affect your relationships. We often help our clients prepare for the emotional and psychological shifts that accompany this new phase of life. Being mentally and emotionally prepared is just as vital as being financially secure.

During the podcast, we discussed an exercise we use to help couples visualize their future together. Recently, I worked with a couple where the wife had already retired, and the husband was about to retire. To help them align their expectations, I gave them a simple exercise: a weekly schedule divided into 28 time blocks, representing four segments—morning, noon, afternoon, and evening—across the seven days of the week.

The Benefits of This Simple Planning Tool

The couple was asked to fill in each time block with activities they envisioned for themselves during retirement. When they returned, they shared their plans with each other. The wife had filled her schedule with activities such as bridge games, church meetings, and social events. The husband, however, was surprised to find himself only included in two of her planned activities. This revelation led to an important discussion about how they would spend their time together and balance individual and shared activities.

This exercise is a powerful tool for sparking meaningful conversations about expectations and shared goals in retirement. It helps couples understand each other’s desires and plan for a fulfilling life together, beyond just the financial aspects.

If you’re preparing for retirement, consider trying this exercise with your partner. To make it easier, we’ve created a downloadable 28-block template that you can use to plan your activities and discuss your expectations. This practical tool is designed to help you think through how you want to spend your time and ensure that both partners’ needs are met.

More From Kathleen Rehl

Some of our most popular blogs are the financial scam series we posted on our website. We talk about how to emotionally heal after being financially scammed, how to help others who have been financially scammed, and 11 ways to protect yourself from being financially scammed. You can find all of those on our blog page.

Please be sure to subscribe to our podcasts as we will be interviewing Kathleen on an upcoming podcast where she explains how to simply write a legacy letter to your family and friends. You will not want to miss it. You can purchase Kathleen’s book here.  

Kathleen Rehl Bio

Kathleen M. Rehl, Ph.D., CFP®, CeFT® wrote the multi-award-winning book, Moving Forward on Your Own: A Financial Guidebook for Widows. Experiencing widowhood herself, Dr. Rehl empowers widows financially™ and inspires their advisors. Her work has been featured in the New York Times, Wall Street Journal, AARP Bulletin, CNBC, USA Today, U.S. News & World Report, Journal of Financial Service Professionals, Journal of Financial Planning, and other publications. Rehl owned a financial planning firm for 17 years before retiring to her “encore” career. She walks an hour daily, practices yoga, enjoys art and music festivals, writes poetry and makes art, loves her grandsons . . . and continues to evolve on her journey.

 

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At Intelligent Investing Advisors, we are dedicated to helping our clients navigate the complexities of retirement with confidence and clarity. We prioritize providing personalized guidance to ensure that our clients feel empowered throughout their retirement journey. In a recent interview, we spoke with Kathleen Rehl, a leading authority on encore careers in retirement. Together, we explored the concept of not being wired to retire and highlighted the significance of emotional and psychological readiness for retirement.

Not Wired to Retire: Seeking Purpose Beyond Traditional Retirement

Kathleen Rehl’s philosophy challenges traditional retirement norms. Retirement, to her, isn’t about endless leisure; it’s about finding purpose and fulfillment daily. As she aptly puts it, retirement isn’t just about golf or fine dining; it’s about embracing activities that bring joy and meaning. For many, retirement isn’t the end; it’s a new beginning. Kathleen emphasizes embracing encore careers, where passions can thrive. From speaking engagements to articles, her journey showcases the potential of encore careers in retirement fulfillment.

The Three Pillars of Retirement Readiness

Kathleen emphasizes that retirement readiness goes beyond finances. Emotionally, psychologically, and relationally, individuals must prepare for retirement’s challenges. Managing financial stress and navigating relationship shifts are crucial for a smooth transition.

At Intelligent Investing Advisors, we understand retirement planning is multifaceted. By addressing emotional, psychological, and relational aspects, we empower clients to transition smoothly. Our approach ensures clients are prepared financially and emotionally for retirement.

Retirement signifies not the end of one’s journey but an opportunity to redefine fulfillment and pursue novel avenues of growth and contribution.

More From Kathleen Rehl

Some of our most popular blogs are the financial scam series we posted on our website. We talk about how to emotionally heal after being financially scammed, how to help others who have been financially scammed, and 11 ways to protect yourself from being financially scammed. You can find all of those on our blog page.

Please be sure to subscribe to our podcasts as we will be interviewing Kathleen on an upcoming podcast where she explains how to simply write a legacy letter to your family and friends. You will not want to miss it. You can purchase Kathleen’s book here.  

Kathleen Rehl Bio

Kathleen M. Rehl, Ph.D., CFP®, CeFT® wrote the multi-award-winning book, Moving Forward on Your Own: A Financial Guidebook for Widows. Experiencing widowhood herself, Dr. Rehl empowers widows financially™ and inspires their advisors. Her work has been featured in the New York Times, Wall Street Journal, AARP Bulletin, CNBC, USA Today, U.S. News & World Report, Journal of Financial Service Professionals, Journal of Financial Planning, and other publications. Rehl owned a financial planning firm for 17 years before retiring to her “encore” career. She walks an hour daily, practices yoga, enjoys art and music festivals, writes poetry and makes art, loves her grandsons . . . and continues to evolve on her journey.

 

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At Intelligent Investing Advisors, we believe in helping our clients not just retire but re-fire their lives for a fulfilling and purposeful future. In a recent interview with Kathleen Rehl, a leading expert in empowering widows financially, we delved into the concept of “re-firement” and the five essential elements that make it possible.

Kathleen’s Journey: From Childhood Chores to Financial Empowerment

Kathleen Rehl’s journey is a testament to the power of resilience and adaptation. Born and raised in Wisconsin amidst challenges and responsibilities, Kathleen’s path led her from humble beginnings to becoming a beacon of hope for widows seeking financial independence. Her background in academia, nonprofit work, and financial advising uniquely positioned her to make a difference in the lives of those navigating loss and transition.

The Five “Re-Fire” Principles

1. Family: At the core of Kathleen’s philosophy is the importance of family. Beyond financial stability, re-firement involves nurturing relationships and cherishing moments with loved ones.

2. Fun: Re-firement isn’t just about responsibilities; it’s about finding joy in everyday experiences. Kathleen emphasizes the value of incorporating fun activities into retirement plans to cultivate a sense of fulfillment.

3. Focus and Purpose: While retirement may signify the end of a career, it’s also an opportunity for a new beginning. By staying focused on personal goals and finding purpose in each day, individuals can redefine their sense of fulfillment.

4. Friends: Social connections play a vital role in re-firement. Kathleen advocates for fostering meaningful friendships and nurturing a support network that enriches life beyond retirement.

5. Fitness: True wealth encompasses more than just financial stability—it extends to physical, mental, and spiritual well-being. Prioritizing fitness in all its forms ensures a balanced and holistic approach to re-firement.

As Kathleen’s journey illustrates, life is a series of pivots and transitions. Embracing change and staying open to new opportunities is key to crafting a fulfilling retirement. Just as Kathleen discovered her true calling in empowering widows, individuals approaching retirement can find renewed purpose by embracing the five pillars of re-firement.

In conclusion, Kathleen Rehl’s story reminds us that retirement isn’t the end of the road—it’s a chance to ignite new passions, cultivate meaningful connections, and embrace life’s journey with enthusiasm. By adopting the “re-fire” mentality, we can turn retirement into a chapter filled with purpose, joy, and fulfillment.

Some of our most popular blogs are the financial scam series we posted on our website. We talk about how to emotionally heal after being financially scammed, how to help others who have been financially scammed, and 11 ways to protect yourself from being financially scammed. You can find all of those on our blog page.

Please be sure to subscribe to our podcasts as we will be interviewing Kathleen on an upcoming podcast where she explains how to simply write a legacy letter to your family and friends. You will not want to miss it. You can purchase Kathleen’s book here.  

Kathleen Rehl Bio

Kathleen M. Rehl, Ph.D., CFP®, CeFT® wrote the multi-award-winning book, Moving Forward on Your Own: A Financial Guidebook for Widows. Experiencing widowhood herself, Dr. Rehl empowers widows financially™ and inspires their advisors. Her work has been featured in the New York Times, Wall Street Journal, AARP Bulletin, CNBC, USA Today, U.S. News & World Report, Journal of Financial Service Professionals, Journal of Financial Planning, and other publications. Rehl owned a financial planning firm for 17 years before retiring to her “encore” career. She walks an hour daily, practices yoga, enjoys art and music festivals, writes poetry and makes art, loves her grandsons . . . and continues to evolve on her journey.